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Many Canadians are unaware of the contribution limits of the TFSA

According to a survey conducted by Pollara for BMO Bank of Montreal, 34 % of Canadians do not know that an excess contribution in the account tax-free savings results in a tax penalty.

In addition, 42% believe that the contribution limit is linked to income, and 45 % don’t know or can’t name the investments that are eligible. Only one-quarter were able to name the amount of annual contribution maximum of $ 5,500, and 35 % have no idea.

73 % of Canadians are aware of the TFSA

These results come at a time when 73 % of Canadians say they know somewhat of the TFSA, compared to 70 % last year. In addition, 82 % of Canadians have a TFSA plan to open one. The annual fee average rose to 4 989 $, up from 4 592 $ last year.

The number of Canadians contributing the maximum increased by 2 percent. “The average amount of the contributions of Canadians is rising steadily, but only a small number of them to maximize the full potential of their TFSA,” said Ryan Ffrench, director general, term investments, BMO. Like last year, most of the respondents evoke as the main reason not to have enough money to invest more. “